Global Environmental Markets Report

A Global Environmental Complex

Global Environmental Markets Report

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ICE Carbon Index Futures

Highlights

  • Intercontinental Exchange has announced that its Global Carbon Index Futures contract will be available for trading on January 31st, 2022. Please see exchange circular here
  • ICE has also announced that it will list 6 new CRS-listed REC contracts on January 18th, 2022. Please see exchange circular here
  • The Global Carbon Index (excess return) reached a new high of 827 points on Dec 8th, before settling the month at 776 points
  • December EUA futures volumes achieved a new monthly record with 1,427,419 lots. 2021 EUA futures set a new yearly volume record with 10,748,639 lots, a 12.3% increase over the previous record year of 2020
  • 2021 EUA options set a new yearly volume record with 4,549,832 lots, a 74.9% increase over the previous record year of 2020
  • 2021 EUA futures and options volumes set a new yearly record with 15,298,471 lots which represented a 23.4% increase over 2020
  • UKA volumes reached a new monthly record in December with 56,324 lots, equating to an average daily volume (ADV) of 2,682 lots. UKAs traded 255,417 lots in 2021, with 86 companies active. ICE hosted 16 auctions in 2021, with all volume (167,658 lots) sold
  • A new open interest (OI) record for the North American Environmental Markets Portfolio of 1,250,665 was set on Dec. 14
  • A new all-time monthly delivery record was set in December, with 176,666 lots going to expiry representing a notional value of 4.26 bln USD. The previous record of 165,719 lots was set last December
  • 3,480,590 total lots traded in across the North American Environmental Markets Portfolio in 2021, a 21% increase over 2020

Carbon & Renewables

North America

  • 2,406,826 CCA futures and options lots traded in 2021, a 29% increase over 2020
  • 346,077 RGGI futures and options lots traded in 2021, a 49% increase over 2020

Europe

  • EUA options traded 389,917 lots, a 105% increase over December 2020
  • UKA open interest fell from 52,173 lots in November to 29,285 lots in December, following the inaugural delivery

Renewables

  • 377,984 PJM Tri lots traded in 2021, a 4% increase over 2020
  • 183,138 REC and SREC lots were delivered in 2021. This is an annual record, and a 11% increase over the previous record set last year

Key Dates & Events

North America:

  • Contract Expiry and Deliveries - Option Expiry Jan. 17th, Last Trade Day Jan. 26th and Delivery Day Jan 31st
  • CCA Auction #30 will occur on Feb. 22, with 58.5 mil current and 7.9 mil advanced allowances for sale. The 2022 floor price is $19.70
  • RGGI Auction #55 will occur on March 9th, with quantities for sale to be determined

Europe:

  • Contract Expiry and Deliveries - Futures last trade day Jan. 31 and delivery day Feb. 3
  • UKA auctions on Jan. 12 and Jan. 26

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